Dogecoin Flashes Dual Bullish Divergence Amid $35K BTC Rally
- Bitcoin crossed past $35,000 after BlackRocks’ BTC ETF got a birth certificate.
- The price move affected most altcoins, having a positive correlation with BTC.
- Pro trader indicates a seldom occurring pattern on Dogecoin’s technical charts.
Dogecoin bulls managed to regain control from the crypto bears after an extensive two-month period of phased price consolidation. Even though Dogecoin (DOGE) fell to $0.057 on October 13th, 2023, the memecoin endured strong bullish momentum after Bitcoin soared past $35,000 in the greatest daily run for the leading digital asset so far this year.
#dogecoin hit 16 cents when Elon bought Twitter… pure speculation.
— The Coach 𝕏Đ (@thedogecoach) October 25, 2023
Since then, the probability of Doge being integrated with @X has increased significantly, with the eToro partnership, Doge logo change, Doge-1, X recent Dog tweet, Elon himself has called dogecoin inevitable.… pic.twitter.com/znCEkzFCeK
Dogecoin Forms Ultra Rare Pattern
Several experienced crypto enthusiasts have expressed their optimism about the Bitcoin-ignited bull run; painting parallels with last year’s DOGE run. Indeed, Dogecoin’s performance after Elon Musk acquired Twitter in late October 2022 catapulted DOGE to $0.142, a price range unseen ever since its all-time high amid the 2021 mainstream crypto boom.
However, this time, Dogecoin’s estimated breakout does not have as much exposure to outside macroeconomic factors as before. JD, a professional chart analyst, affirmed this as the monthly technical charts for DOGE unfold an ultra-rare duplex bullish divergence design.
JD marked the yellow trendline as the strongest line of support. Currently, Dogecoin’s price is in the aforementioned range, bouncing off the line twice. As a result, Dogecoin’s price is simultaneously printing out bullish divergence on the Relative Strength Index (RSI) and Stochastic RSI (SRSI).
The bi-fold bullish divergence tackled DOGE’s price on 23rd October 2023, when DOGE rebounded from its slippage below the $0.06 support zone to trade at $0.065. After facing a soft market correction, DOGE sustained above the $0.063 resistance to catch on the bullish breakout the next day, thus accomplishing a monthly high of $0.069.
#Dogecoin – Bounced off the yellow trendline the 0.786 fib on the log scale! Printing Potential Bullish Divergence on both RSI and SRSI.. 😱😵 $Doge is a memecoin w/beautiful chart structure, huge opportunity for next cycle! Yet many will get REKT again buying the hype again🤦♂️… pic.twitter.com/usEHyEsWeQ
— JD 🇵🇭 (@jaydee_757) October 23, 2023
On the Flipside
- In addition to the dual bullish divergence, $DOGE also currently bears three neutral on-chain signals, according to the blockchain analytics platform IntoTheBlock.
- With no real-time bearish on-chain signals remaining, $DOGE still faces market correction after topping the monthly high of $0.069 on October 24, 2023, amid BTC’s run.
Why This Matters
Technical indications assist in determining the price movement patterns of a cryptocurrency, as well as reactions to various macroeconomic factors.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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